MINSK - The bankruptcy-stricken Belarusian-Austrian Yelizovo Glass Factory (based in Mogilev Region) will have its assets worth Br32 million ($17.716m) put up for a repeated auction on March 28, 2017, the factory’s readjustment manager Nikolai Shevkunov told Prime-TASS.
The authorities have already made several unsuccessful attempts to sell Yelizovo Glass Factory’s property in June, July, August and September 2016 but received no bids from potential customers. In each case the initial price of assets stayed unchanged, but not this time – it has increased by 10%.
As previously reported, in April 2016 the Economic Court of Mogilev Region ruled to recognize bankrupt Belarusian-Austrian Yelizovo Glass Factory and start liquidation proceedings.
Liquidation proceedings will last till April 12, 2017, but it does not mean that glass production at Yelizovo will be closed down. Liquidation proceedings are necessary to clear the glass company’s debts.
The company reduced bottle output by 3% in Jan-Feb 2017 to 9.2 million units, while bottle output grew 21.7% to 10.1 million units.
Yelizovo Glass Factory’s jar exports grew 39.3% year on year in Jan-Feb 2017 to $385,000.
Yelizovo Glass Factory was founded in 1997 on the base of Oktyabr glass factory (est. 1913) by the Canadian Consumers Packaging Inc., Belarusian Lada OMC Holding Company and Oktyabr glass factory. In June 2003, 65% of the shares that belonged to the Canadian enterprise were